GST refund limitation: COVID-19 exclusion preserves timely advance-tax refunds, while deficiency-memo corrections relate back to the original applicat...
Presumptive taxation of oilfield services applies to receipts inextricably connected with mineral-oil operations, while qualifying offshore supplies r...
Government financing for educational exemptions includes UGC grants and land-related notional interest, eliminating penalties tied to deleted addition...
Incorrect filing of a charitable trust's return in ITR-7 instead of ITR-5 constitutes a defective return requiring correction under the return-defect procedure. A technical defect in filing Form 10B does not, by itself, defeat the claimed charitable exemption. Exemption may be denied where the return is filed after the prescribed due date, but restoration remains available if delay is condoned under the applicable statutory power. Even where exemption is unavailable, taxable income must reflect the real audited surplus or deficit; gross receipts cannot be taxed merely because the exemption claim fails. Processing must therefore account for the corrected return, audited deficit, and any condonation decision.
Incorrect filing of a charitable trust's return in ITR-7 instead of ITR-5 constitutes a defective return requiring correction under the return-defect procedure. A technical defect in filing Form 10B does not, by itself, defeat the claimed charitable exemption. Exemption may be denied where the return is filed after the prescribed due date, but restoration remains available if delay is condoned under the applicable statutory power. Even where exemption is unavailable, taxable income must reflect the real audited surplus or deficit; gross receipts cannot be taxed merely because the exemption claim fails. Processing must therefore account for the corrected return, audited deficit, and any condonation decision.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
